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Fair Value Disclosures (Tables)
 12 Months Ended
Oct. 31, 2012
Fair Value Disclosures [Abstract]  
Summary of assets and (liabilities), measured at fair value on a recurring basis
A summary of assets and (liabilities) at October 31, 2012 and 2011 related to the Company’s financial instruments, measured at fair value on a recurring basis, is set forth below (amounts in thousands).
 
 
 
 
Fair value
Financial Instrument
 
Fair value hierarchy
 
October 31, 2012
 
October 31, 2011
Corporate Securities
 
Level 2
 
$
260,772

 
$
233,572

Certificates of Deposit
 
Level 2
 
$
148,112

 


Short-Term Tax-Exempt Bond Fund
 
Level 1
 
$
30,184

 


Residential Mortgage Loans Held for Sale
 
Level 2
 
$
86,386

 
$
63,175

Forward Loan Commitments - Residential Mortgage Loans Held for Sale
 
Level 2
 
$
(102
)
 
$
218

Interest Rate Lock Commitments (“IRLCs”)
 
Level 2
 
$
(202
)
 
$
(147
)
Forward Loan Commitments—IRLCs
 
Level 2
 
$
202

 
$
147
Aggregate unpaid principal and fair value of mortgage loans held for sale
The table below provides, for the periods indicated, the aggregate unpaid principal and fair value of mortgage loans held for sale as of the date indicated (amounts in thousands).
 
Aggregate unpaid
principal balance
 
Fair value
 
Excess
At October 31, 2012
$
84,986

 
$
86,386

 
$
1,400

At October 31, 2011
$
62,765

 
$
63,175

 
$
410
Summary of amortized cost gross unrealized holding gains and losses
As of October 31, 2012 and 2011, the amortized cost, gross unrealized holding gains, gross unrealized holding losses, and fair value of marketable securities were as follows (amounts in thousands):
 
October 31, 2012
 
October 31, 2011
Amortized cost
$
438,755

 
$
233,852

Gross unrealized holding gains
451

 
28

Gross unrealized holding losses
(138
)
 
(308
)
Fair value
$
439,068

 
$
233,572
Fair Value, Measurement Inputs, Disclosure [Table Text Block]
The table below summarizes, for the periods indicated, the ranges of certain quantitative unobservable inputs utilized in determining the fair value of impaired communities.
 
Selling price per unit (in thousands)
 
Sales pace per year
(in units)
 
Discount rate
Three months ended October 31, 2012
$501 - $536
 
11
 
18.3%
Three months ended July 31, 2012
$175 - $571
 
4 - 12
 
14.0% - 17.5%
Three months ended April 30, 2012
$413 - $472
 
6 - 17
 
17.5%
Three months ended January 31, 2012
$344 - $2,287
 
1 - 25
 
13.0% - 18.8%
Fair value of inventory adjusted for impairment
The table below provides, for the periods indicated, the fair value of operating communities whose carrying value was adjusted and the amount of impairment charges recognized on operating communities (amounts in thousands).
 
 
 
 
Impaired operating communities
Three months ended:
 
Number of
communities tested
 
Number of communities
 
Fair value of
communities, net
of impairment charges
 
Impairment charges recognized
Fiscal 2012:
 
 
 
 
 
 
 
 
January 31
 
113

 
8

 
$
49,758

 
$
6,425

April 30
 
115

 
2

 
$
22,962

 
2,560

July 31
 
115

 
4

 
$
6,609

 
2,685

October 31
 
108

 
3

 
$
9,319

 
1,400

 
 
 
 
 
 
 
 
$
13,070

Fiscal 2011:
 
 
 
 
 
 
 
 
January 31
 
143

 
6

 
$
56,105

 
$
5,475

April 30
 
142

 
9

 
$
40,765

 
10,725

July 31
 
129

 
2

 
$
867

 
175

October 31
 
114

 
3

 
$
3,367

 
710

 
 
 
 
 
 
 
 
$
17,085

Fiscal 2010:
 
 
 
 
 
 
 
 
January 31
 
260

 
14

 
$
60,519

 
$
22,750

April 30
 
161

 
7

 
$
53,594

 
$
15,020

July 31
 
155

 
7

 
$
21,457

 
$
6,600

October 31
 
144

 
12

 
$
39,209

 
$
9,119

 
 
 
 
 
 
 
 
$
53,489
Carrying value and estimated fair value of non performing loan portfolio
The table below provides, as of the dates indicated, the carrying amount and estimated fair value of the non-performing loan portfolios (amounts in thousands).
 
October 31, 2012
 
October 31, 2011
Carrying amount
$
37,169

 
$
63,234

Estimated fair value
$
38,109

 
$
64,539
Book value and estimated fair value of the Company's debt
The table below provides, as of the dates indicated, the book value and estimated fair value of the Company’s debt at October 31, 2012 and 2011 (amounts in thousands).
 
 
 
October 31, 2012
 
October 31, 2011
 
Fair value hierarchy
 
Book value
 
Estimated
fair value
 
Book value
 
Estimated
fair value
Loans payable (a)
Level 2
 
$
99,817

 
$
99,093

 
$
106,556

 
$
98,950

Senior notes (b)
Level 1
 
2,089,189

 
2,340,189

 
1,499,371

 
1,614,010

Mortgage company warehouse loan (c)
Level 2
 
72,664

 
72,664

 
57,409

 
57,409

 
 
 
$
2,261,670

 
$
2,511,946

 
$
1,663,336

 
$
1,770,369

(a)
The estimated fair value of loans payable was based upon their indicated market prices or the interest rates that the Company believed were available to it for loans with similar terms and remaining maturities as of the applicable valuation date.
(b)
The estimated fair value of the Company’s senior notes is based upon their indicated market prices.
(c)
The Company believes that the carrying value of its mortgage company loan borrowings approximates their fair value.